Tag Archives: FTX Exchange

Joe Lonsdale – Co-Founder of the software company Palantir Technologies – thinks multiple cryptocurrency companies will go bankrupt in the future since most function like Ponzi schemes. However, he believes blockchain technology will remain a key part of the future financial system as it enables a “new and important way” to move money globally. Expect More Cases Like FTX According to Lonsdale, the lack of pertinent rules in the cryptocurrency sector and the assumption that...

Samuel Bankman-Fried took Do Kwon’s spot by becoming the most talked-about and arguably hated person in the cryptocurrency industry in November when his empire collapsed, and the community found out about his dirty laundry. The latest to join the bashing fest is Coinbase’s CEO – Brian Armstrong – who had some strong words to say about people believing SBF’s most recent story. Don’t Believe SBF After a few weeks of staying quiet in the dark, Bankman-Fried finally broke his...

The collapse of the cryptocurrency exchange FTX will go down as one of the darkest moments in crypto’s history. The company experienced severe liquidity issues in November and couldn’t honor the withdrawal requests of its customers.  Binance – the world’s largest crypto platform – was ready to acquire the exchange but, after auditing, walked away from the agreement. FTX could not find a solution and filed for Chapter 11 bankruptcy protection, while CEO Sam Bankman-Fried...

Tiantian Kullander – Co-Founder of the crypto firm Amber Group – unexpectedly passed away in his sleep at the age of 30. The bear market negatively affected his firm, which had to dismiss around 10% of its staff earlier this year. In addition, Amber Group recently revealed it had been an “active trading participant” on the bankrupt crypto exchange FTX. It remains unknown whether his death has some connection to the aforementioned events.H However, he’s not the only one with...

FTX’s sister trading desk, Alameda Research, bailed out the exchange before it suffered a possible $1 billion trade loss in early 2021.  This news comes amid claims from former FTX CEO Sam Bankman-Fried that FTX and Alameda were independently operated firms.  As reported by the Financial Times on Friday, people familiar with the matter said FTX suffered massive losses after a client’s leveraged trade on an obscure crypto token went south. Meanwhile, the “buffers” designed to...

Toto Wolff – an Austrian billionaire and CEO of the Mercedes-AMG Petronas F1 Team – thinks the collapse of crypto exchange FTX could harm every Formula 1 organization. The trading venue served as one of Mercedes’ sponsors while its logo was visible on the cars driven by Lewis Hamilton and George Russel. However, the squad suspended the agreement after FTX’s severe issues came to light in the middle of November. ‘A Huge Damper for the Entire Industry’ FTX’s immense decay that...

The past seven days were filled with a lot of information as the situation around FTX keeps unraveling. The former CEO of the exchange – Sam Bankman-Fried, had multiple appearances, but they may have spurred more questions than they answered. Before we get there, though, it’s important to note that the market managed to add around $20 billion to its capitalization, which is a step in the positive direction. Bitcoin managed to gain 2%, while ETH is up a total of 6% in the past...

Former FTX CEO Sam Bankman-Fried may have apologized dozen times for the failure of his firm, but there’s no stopping the contagion. Another casualty came in the name of a crypto trading platform – Aurus Global – which is currently facing a “short-term liquidity issue” due to FTX insolvency. Aurus Misses Principle Payment Amount of $3M The algorithmic trading and market-making firm reportedly missed a principal repayment on a 2,400 Wrapped Ether (wETH) decentralized finance...

Sam Bankman-Fried is doubling down on his claim that FTX US should never have filed for bankruptcy.  The former FTX boss believes the US entity is still entirely solvent and could re-open for withdrawals right away. The FTX US Situation In a tweet on Thursday, Bankman-Fried reiterated his comments at the New York Times Dealbrook Summit the day prior. During the interview, he claimed that FTX US is “fully solvent” and “fully funded”, and that its financial situation is...

Pavel Durov – Founder and CEO of the messaging application Telegram – thinks the FTX crash occurred because the blockchain industry has recently deviated from its decentralized nature. He argued that a few individuals abused their power, leading to the spectacular collapse. The Russian-born entrepreneur said Telegram’s next goal is to create non-custodial wallets and decentralized exchanges so crypto traders could have maximum protection when operating in the sector. The Main...